Supreme Court dismisses Swamy's plea for e auction of IPL media rights

A three-judge bench presided over by Chief Justice Dipak Misra closed the matter pertaining to e-auction but allowed Swamy to raise conflict of interest issue through an interlocutory application. PTI file

While the Indian cricket board (BCCI) remains confident that it will be allowed to continue with the existing process of auctions to sell the Indian Premier League (IPL) media rights for the next five years, the industry believes time has come for a change in processes and mindsets. Integral member of the Committee of Administrators (CoA), Vinod Rai, who is also a former Comptroller and Auditor General (CAG) of India, responded saying that the revenue of the Indian cricket board would take a hit if the e-auction process is undertaken.

The IPL governing council at its meeting held on July 11 had evaluated the ITT (invitation to tender) for the IPL media rights and reconfirmed that the existing BCCI tender process was the best approach, both in terms of absolute transparency and free and fair price discovery, the BCCI had said.

Swamy, however, said he wanted to file an interim application highlighting alleged collusion and conflict of interest on behalf of a BCCI funtionary who also runs a news channel.

In response to a plea filed by Member of Parliament Subramanian Swamy asking for e-auction of the IPL media rights, the Apex court ruled that e-auction isn't a must and that it will not interfere with the media rights process. It said that "the e-auction stand closed".

Swamy had asked for an e-auction keeping in mind the reforms suggested by the RM Lodha Committee a year ago to ensure transparency.

The Valeant Pharmaceuticals International, Inc. (VRX) Downgraded by Vetr Inc. to "Sell"
Pershing Square Capital Management Lp decreased Valeant Pharmaceuticals Intl (VRX) stake by 16.1% reported in 2016Q4 SEC filing. Jefferies Gru Ltd Liability Com holds 0.01% of its portfolio in Valeant Pharmaceuticals Intl Inc (NYSE:VRX) for 98,574 shares.

Donald Trump heading for Texas disaster zone
It has since been downgraded to a tropical storm , but more rain is expected to fall on the fourth-largest U.S. city. Texas was in the early stages of turning back on power - restoration of power is one of its biggest needs.

Pictures of Rescued Pets: How They're Coping with Harvey
Animals will also be transported to shelters in Pennsylvania, New Hampshire, Delaware, New York and Canada. But Harvey could present a key test, in storm with the potential to kill thousands of animals.

He had said that the amount involved in the award of IPL media rights was to the tune of Rs 30,000 crore and the issue should not be decided in an "opaque" manner. Rai had previously backed the idea of inviting closed bids.

The matter got complicated after Dish TV chairman Jawahar Goel wrote to Ministry of Information and Broadcasting arguing that "if Star India managed to get broadcast rights of IPL then a monopolistic situation in the sports broadcasting market would force viewers and subscribers to pay very high subscription rates".

The auction scheduled to begin on Monday has now been postponed for 1 September. The rights cycle is for five years from 2018 to 2022.

The three categories in which the rights are divided are as follows: Indian Sub-continent Television Rights, Indian Sub-continent Digital Rights and Rest of the world (ROW) Media Rights.

Related:

  • Eagles trade long snapper Jon Dorenbos to Saints

    Eagles trade long snapper Jon Dorenbos to Saints

    Dorenbos and the Eagles agreed on a three-year, $3.4 million contract extension last year. Jon Dorenbos , Philly's "magic man", is no longer a member of the Eagles .
    Rockets' Les Alexander increases Harvey donation to $10 million

    Rockets' Les Alexander increases Harvey donation to $10 million

    He announced that owner Robert McNair would donate the money through the United Way's fund for Hurricane Harvey relief. Water levels are expected to continue to rise in southeast Texas with more heavy rain forecast for the coming days.
    Climate Change Helps Tanker Make Historic Arctic Trip

    Climate Change Helps Tanker Make Historic Arctic Trip

    High insurance and large fees for Russian ice-breakers are still discouraging some ship owners from the riskier northern route. But fancy internal icebreaker or no, the Christophe de Margerie wouldn't have been able to make the trip just a few years ago.
  • Royals pitcher Danny Duffy cited for DUI at Burger King in Kansas

    Royals pitcher Danny Duffy cited for DUI at Burger King in Kansas

    Duffy last pitched August 22 against Colorado and was placed on the disabled list Saturday with a left elbow impingement. The lefty declined comment to reporters at the Royals' Kauffman Stadium on Monday, per The Kansas-City Star .
    Chelsea sign Eden Hazard's brother

    Chelsea sign Eden Hazard's brother

    However, the attacking midfielder will go into Chelsea's development squad rather than Antonio Conte's senior side. The Blues are working hard on completing a number of late deals with just 48 hours left in the transfer window.
    Britain may shame companies over boss pay

    Britain may shame companies over boss pay

    Business groups welcomed the plans, but opposition parties tore into them. Large law firms may wish to consider this, ' he added.
  • Legal & General Group Plc Acquires 18697 Shares of Perrigo Company (PRGO)

    Jeffrey Smith increased its stake in Perrigo Co Plc ( PRGO ) by 61.26% based on its latest 2016Q4 regulatory filing with the SEC. The last close places the company's stock about $4.88 off its 52 week high of $9.5 and $0.45 above the 52 week low of $4.17.
    Bhoomi's wedding song 'Will You Marry Me' releases today

    Bhoomi's wedding song 'Will You Marry Me' releases today

    In the song, needless to say Aditi Rao Hydari looks stunning and lovely as ever and newbie Sidhant also makes his presence count. Moreover, he added, "I don't think there could've been anybody better than Sanjay Dutt & Aditi Rao Hydari to play these roles".
    Boko Haram: US congress members visit Maiduguri

    Boko Haram: US congress members visit Maiduguri

    He said, " We have come to show our support to the Nigerian soldiers in the counter insurgency operation in the northeast Nigeria. Built by Brazil's Embrae, the Super Tucano A-29 has attack capabilities as well as reconnaissance and surveillance features.
  • Neighbours rescue elderly couple from flooded home in Houston

    Neighbours rescue elderly couple from flooded home in Houston

    More than 100,000 Indian-Americans living in and around Houston area have also been badly hit by the monstrous hurricane Harvey . While Hurricane Harvey was blamed for the deaths, catastrophic flooding has struck Houston , the country's fourth largest city.
    Canadian police on bike patrol nab one of America's most wanted

    Canadian police on bike patrol nab one of America's most wanted

    It is expected he will be handed over to Ontario police and also faces possible extradition to the United States , it added. Sychanta, who was considered armed and unsafe , had also made threats against law enforcement officials, per the ICE.
    Phoenix to hire outside firm to review police performance during Trump rally

    Phoenix to hire outside firm to review police performance during Trump rally

    According to Bloomberg, Trump dispatched his personal bodyguard Keith Schiller to tell Gigicos that he was barred from organizing future rallies for the president.

Comments

Latest news

Taylor Swift's Look What You Made Me Do Breaks Streaming Records
Spin magazine called the track "hard" and "cheerless", while the New York Times described the lyrics as "powerful, yet joyless". Swift's first single off her upcoming album " Reputation " is the #1 Trending video on YouTube, at the time of this writing.

Steady Activities: Cognizant Technology Solutions Corporation (CTSH)
The expected future growth in earnings per share ("EPS") is an incredibly important factor.in identifying an under-valued stock. Grandfield And Dodd Limited Liability Corporation has invested 0.45% in Cognizant Technology Solutions Corp (NASDAQ:CTSH).

Texas governor activates entire state National Guard for Harvey recovery
A wide array of federal agencies, and more than 8,500 federal officials are working in the two states. More than a dozen people have been injured and five people have died because of Harvey so far.

UnitedHealth Group Incorporated (UNH) Hits 52-Week High
Texas Permanent School Fund has invested 0.61% in UnitedHealth Group Inc (NYSE:UNH). 1,586 are owned by Tci Wealth Advisors Inc. The Veritas Investment Management Uk Ltd holds 136,218 shares with $21.80 million value, up from 114,278 last quarter.

Trump, First Lady Visiting Two Texas Cities With More Rain, Flooding Expected
Harvey's center has headed back out to the Gulf of Mexico, where additional moisture is causing thunderstorms to build yet again. Weather officials say a record 75 centimeters of precipitation that has already fallen in Houston could double later this week.

The Dolphins saved Fox and the world from Jay Cutler
It's not about the targets or who gets them and where they get them. "It's about making the plays when it comes to you". Cutler has completed three passes to Parker for 94 yards in preseason and they've hooked up countless times in practice.

Relentless Harvey still drenching Houston area
There, New Orleans - devastated by Hurricane Katrina in 2005 - is preparing for flooding. And in a cruel paradox, the city also has to worry about having enough water.

Is Shraddha Kapoor's Haseena Parkar the new Jagga Jasoos of B-Town?
Then according to a statement issued on behalf of the producers the film's release date was finalized as September 22. The first song of Shraddha Kapoor's Haseena Parkar has been unveiled by the makers of the film today.

Martingale Asset Management LP Boosts Stake in Union Pacific Corporation (UNP)
The railroad operator reported $1.45 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.06. At current levels, Union Pacific Corporation (NYSE:UNP) shares have been seen trading 0.73% away from the 20-day moving average.

Trump Predicts Fast, Bipartisan Federal Response to Harvey
President Trump will fly into the Springfield-Branson National Airport. Trump also took a moment to praise Texas Gov. But you need the wall to do the rest.

Gas prices rise after Hurricane Harvey hits Texas Gulf Coast
He has warned that Texas faces a "long and hard road" to recovery, adding: "There's probably never been anything like this". In Houston , a city of 2.3 million, streets turned into fast-moving rivers with officials warning residents to stay home.

Is Mahesh Babu Going to Visit Bigg Boss Tamil House as Guest ?
Some were shocked, some surprised and the rest annoyed when they saw ex-contestants Julie and Harathi back in the Bigg Boss house. Raiza and Bigg Boss Tamil had been having tiffs regarding her sleep during the day time which is a violation of the house rules.

Why Canadian gas prices could spike next week
Officials will start assessing damage to refineries, chemical plants, ports and waterways in Texas and Louisiana this week. In the past week, prices have risen about 10 to 20 cents per gallon of gasoline across the metro.

The Alder BioPharmaceuticals, Inc. (ALDR) Shares Bought by Teachers Advisors LLC
This continues to be an interesting story, and we look forward to updating it again soon on Alder Biopharmaceuticals, Inc. Wall Street is only getting more bullish on the stock, with 7 of analysts who cover ALDR having a buy-equivalent rating.

Influential Analyst Rating Changes: International Business Machines Corporation (IBM), Energen Corporation (EGN)
Capital Advantage Inc. raised its position in shares of International Business Machines Corporation by 2.3% in the first quarter. Stifel Nicolaus has "Buy" rating and $160 target. $56,896 worth of stock was sold by OLANOFF LAWRENCE S on Thursday, June 8.

Other news